The 2% monthly interest rate ceiling on credit card transactions has been maintained by the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board (MB).
The 2% monthly interest rate ceiling on credit card transactions has been maintained by the Bangko Sentral ng Pilipinas’ policy-setting Monetary Board .
To recall, in September 2020, the MB set a 24% annual interest rate cap on all credit card transactions, equivalent to a monthly interest of 2%, in a bid to ease the financial burden amid the COVID-19 pandemic. The maximum interest rate or finance charge on the unpaid outstanding credit card balance of a cardholder of 2% per month or 24% per yearThe maximum processing fee on the availment of credit card cash advances of P200.00 per transaction.
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